Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1887-06-16
THE I, S. TREASURY
Secretary Fairchild Gives His ",
on the Accumulation of the
Surplus.
The Public Debt, Less Cash in the r.,
sury June 1, Down to $1,000.
100000.

sures for relief from the accpmEis 1.'e
of the Surplus in the United States T, .-'
ury, Secretary Fairchild says.
II have authority to anticipate ints,.
or to go into open market and buv
the former expediency could antici,..
the interest for one year on S25OOO6 oae
of 1875 at 4 3 per cent, and S737soo
600 of 1875 at per cent. The AGO..
gate would be about $40,00000O. W..
would give that amount of relief mas
Congress could meet. The authoritv :.
purchase bonds in the open marks.
subject to manipulations of speculate
If they should run the premium Ia :.
exceptional rate, there would be no ~
propriety in resorting to this means y,
relief. These bonds are now at bis.
rate; in fact, maximum rate"
"What would be the difficulty with II,
first planY"
"None at all. with the cooperation n,
the holders of tho securities, provi5s5
they would accept the payment Of inters,,
in advance. The Secretary of the Trsa..
ury has no power to compel them TO tsk.
the interest in advance of its being An.
If they accept there need be no ooncer
about the surplus for the next five or ~
months, if at all before Congress meets
If they do not it can not now be sss
what il may be necessary to do"
"What do You think of an extra se..
sion?"
II only mention what can be done to
relieve the country of any disturbance.
on account of too great Surplus of the
current circulation of the country in tbs
Treasury. There might be other consider
atoms in the mind of the President On
the point of an extra session. | am onl
saying that there need be no apprehen
sion of disturbance in the monetary af
fairs of the people if they cooperate ID
applying the means or relief which ths
statutes place in the hands of the Secre
tary of the Treasury. What other reason.
might exist / can not say. l speak for
my own department only"
Secretary Fairchild said that repeal Of
the tobacco tax would not bring the need
ed relief, and that the question of tax
on whisky was a very delicate matter Il
anything should be done in the way Of
reduction, it would have to be doze BY
gradual approaches. in regard to the
customs said.
"The subject of tariff revision has been
agitated by both parties, and something
may be expected in that line, but what
direction it will take remains to be seen,
There is no disposition TO embarrass in,
dustry or depreciate labor, but with in.
provements in machinery and skill among
our mechanics, there are articles which
~ nf and
cheaper than abroad, and has no reference
to the tariff. The tariff is not perfect, b!
any means. There are conflicting pro
visions as to rates and Administrative
regulations which need regulation. What
ever shall be done, it will be carefully
considered in connection with the views
of com petent authorities on the abstract
questions involved and the opinions OF
practical men. There must be points
upon which all can rec, and that is the
measure we want"
"Would it be feasible to formulate
distinctively Administration measure'
II can only speak for myself on That
subject. 1t seems necessary to Outline
a measure upon which there can be aaF-
mony of action between the Government
and the majority of the House, where
such questions originate. The subject
will be carefully canvassed when the time
comes. Pat there must be harmony "
action, no matter what the plan be-
"The question cannot be lodged any
longer?"
"That is very certain. The surplus
revenues for the next fiscal year. from
present Indications will not be less thaA
S10O 100000. After the LIST of July there
will be no way of getting rid OF this &C.
emulation. The anticipation OF lntele''
would still leave a surplus of S6oVVVVgl
and to 90 into the market and buy oouu'
may have objections. Therefore SONG
thing must be done by Congress at ~
coming session. 1t must be done Wist!,
too, and with reference to some denns'
policy for the benefit of the whole peeps
| The decrease of the debt for eleYel
months of the last fiscal year was SSo'VV-
600 The debt, less cash in the IreasuIl
June /, was down to 00,O00,OO0' ~.
interest Dea.ing portion of when Is ~ ~
| Sl,1O0, 100000. The reduction Oh w
debt by redemption of outstan1ii1 lt
securities has come to the end of ITS tet ,.s-
Now we must seek other means OF rene
ing the Treasury of its overburden..lLs7
resources. That will be the issue OF -
next year, and will doubtless be az =. -.
portant issue before the people WITHIN -,
next eighteen months. My sole-coh0e,-
is to preserve the equilibrium OF the -
tion's finances SO that business ana lnut .,
trial interests of the country SHAH NOV !.
disturbed until measures of relic! o.
adopted"